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Your professional partners: Why your business needs them, and why they need each other.

Your professional partners: Why your business needs them, and why they need each other.

Posted on: May 10, 2014
Author: ATB Business & Agriculture

No business is a one-man or one-woman show. Even if you have no employees, consultants, contractors, or business partners, you still rely others—like clients, customers, or family—to keep your business running.

But to build a truly successful business, you need a well thought out and executed business plan. And three key professionals—an accountant, a lawyer, and a banker—will allow you to successfully develop all aspects of your business.

Here's how:

The accountant

With all the modern accounting tools out there, doing your own bookkeeping may be manageable. But when it comes to capitalizing on small business incentives, performing an annual audit, building projections, and navigating federal and provincial tax regulations, it's best to turn to a professional.

A good accountant will help you set up your books in a way that makes sense to you, and schedule regular updates so you can keep informed on how your business is developing and changing. Their insights can guide your business from breaking even to breaking new ground.

The lawyer

Whether you want to expand, consolidate, export, import, hire, or fire, the law will dictate how you need to proceed. And a commercial lawyer will help you do this properly, so you don't face a lawsuit down the line.

Depending on the size and nature of your business, you may need to meet with your lawyer once a year or once a week. With a trustworthy and approachable lawyer in your corner, you can be confident you are running your business within the rules.

The banker

Whether you need to borrow it or want to invest it, one fact remains: you need money to make money. And one of the key people who can help you make more money is your banker.

By maintaining a close relationship with your banker, you can be sure that their advice and recommendations are relevant for your current financial situation—and your future goals. Your banker will have access to investment experts and personal bankers, ensuring you make the most of every dollar you make.

How do they work together?

Wayne Kryzalka, Managing Director of ATB Business in Edmonton, knows first hand the importance of collaboration between a client's banker, accountant, and lawyer.

"To understand the company's current state of affairs with respect to their legal, financial, and management situation, we need to work together," Wayne says. "By scheduling joint meetings with two or three of the partners, we can review the business' past, present, and future activities in a more holistic way."

"The one thing these three partners would have in common is you, and they all have your best interest at heart. They want you to succeed in your business and enjoy and long business relationship."

With such close relationships, trust is key. If you are in the market for an accountant, lawyer, or banker, be sure to look for a certified professional with experience in your industry or with the size of your business. Ask your network for recommendations, or contact your local industry association to see if they have a list of recommended professionals.

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